Bit­coin claws back some loss

The Mercury - - BUSINESS REPORT | INTERNATIONAL -

BIT­COIN climbed yes­ter­day, eras­ing some of its 18 per­cent plunge since last week, as in­vestors sig­nalled the sell­off may have been over­done. Hours after the world’s largest cryp­tocur­rency closed at a fresh low for the year, buy­ers be­gan push­ing up the price, which reached $6 522.06 (R86 761.70) as of 12.38pm in Lon­don. Ri­val dig­i­tal to­kens Rip­ple, Ethereum and Lite­coin also gained. The mar­ket leader’s slump since last week co­in­cided with a string of neg­a­tive news, in­clud­ing the re­lease yes­ter­day of a study sug­gest­ing its price may have been ma­nip­u­lated through trad­ing in a cryp­tocur­rency called Tether dur­ing last year’s record surge. Tether is cur­rently the No 12 crypto by mar­ket value. – Bloomberg

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